About Pippin Ain't Easy

Pippin Ain't Easy Author

Like the title of this blog suggests, making pips in the Forex is easier said than done. This "reality blog" will allow you to follow my life as a Forex trader. I'll not only discuss trades, but also my emotions during these trades. You'll see my ups and downs, my highs and lows, and my smiles and tears.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

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August 2010

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Daily Chart Art - August 9, 2010

EURCHF: 4-hour

PoD Chart

Hmm, there's nothing like an ascending channel to start the week, don't you think? It seems to me that EURCHF is trading within an ascending channel, and is currently right smack in the middle of it. Stochastics is also in the middle ground, although it seems to have a slight downside bias. Will the pair go along the channel all the way to the 1.3662 support, or will it climb to as high as resistance at the 1.4000 handle?

EURJPY: 1-hour

PoD Chart

Is EURJPY in for a fall? I don't know about you, but it looks like those lower highs are starting to form a descending triangle to me! My good ol' buddy stochastics is also tells me that it's time to sell, as the pair seems to be overbought. Be careful, though, as the pair is having a hard time closing below 112.80, a significant support level. If the pair does break support, 112.45 might be a sweet spot to set your stops.

EURUSD: 4-hour

PoD Chart

And last but not least, the favorite of them all - EURUSD! Just in case you've been living under a rock, lemme bring you up to date. The pair has been in a nice uptrend the past couple of months, and it seems that the euro bulls are aiming for the 1.3500 handle. Be careful though, as I do see some potential bearish divergence forming on the 4-hour chart. If sellers decide to come back and play, look for a down move to former support around 1.3150. Watch out for a candle close below the rising trend line, it may just signal that the uptrend is coming to an end!

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"Good judgment comes from experience. Experience comes from bad judgment."
Jim Horning
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